Business continuity plans to the fore as coronavirus supply chain disruption predicted to last till Q3

Business continuity plans to the fore as coronavirus supply chain disruption predicted to last till Q3

Business continuity plans to the fore as coronavirus supply chain disruption predicted to last till Q3

As Verisk Maplecroft warns that coronavirus has “seriously interrupted” global supply chains and expects disruption to last until Q3, risk managers are being advised to activate business continuity plans sooner rather than later, with fears of a pandemic on the rise. The outbreak of coronavirus, named COVID-19 by the World Health Organization (WHO) this week, is escalating with almost 60,000…

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

The coronavirus outbreak provides a critical test of the southeast Asia region’s ability to diversify global supply chains and reduce its dependency on China, according to Sofia Nazayla, analyst at Maplecroft, a UK-based global risk and strategic consulting firm. This ‘black swan’ event has already had a global economic impact that will inevitably intensify. But leading southeast Asian economies such…

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Economic disruption caused by the coronavirus will cost the world economy more than $280bn in the first quarter of this year and means global GDP will not grow on a quarter-by-quarter basis for the first time since 2009, according to leading independent economic research company Capital Economics. The research firm produced this worrying estimate on the basis that the virus…

Coronavirus: Companies need to activate business continuity plans sooner rather than later, says Parima

Coronavirus: Companies need to activate business continuity plans sooner rather than later, says Parima

Coronavirus: Companies need to activate business continuity plans sooner rather than later, says Parima

The Pan-Asia Risk & Insurance Management Association (Parima) has created a webpage for its members to keep them abreast of the latest developments with the novel coronavirus and provide support and advice at this difficult time for all companies in the region. Parima chairman Franck Baron is also Singapore-based group deputy director, risk management and insurance at International SOS, the…

Risk managers on alert as coronavirus pandemic fears grow

Risk managers on alert as coronavirus pandemic fears grow

Risk managers on alert as coronavirus pandemic fears grow

Amid speculation that coronavirus may soon be declared a pandemic, the outbreak’s economic impact is beginning to be felt with disruption to supply chains and falling consumer demand in China. Risk managers are advised to pay very close attention. As the total number of confirmed coronavirus cases in China passes 30,000, questions are being raised about the country’s ability to…

WHO declares coronavirus public health emergency

WHO declares coronavirus public health emergency

WHO declares coronavirus public health emergency

The outbreak of coronavirus in China has been declared a public health emergency by the World Health Organization (WHO), joining five previous emergencies including Zika in 2016 and Ebola in 2014 and 2019. The status is attributed to viruses that pose a public health risk to other states through the international spread of disease. The WHO said it has been…

Tesco Christmas card shock increases pressure for tighter supply chain rules

Tesco Christmas card shock increases pressure for tighter supply chain rules

Tesco Christmas card shock increases pressure for tighter supply chain rules

Calls for stronger EU rules covering human rights in global supply chains will have got louder this week as UK supermarket group Tesco was forced to suspend production of charity Christmas cards at a factory in China, after a six-year-old girl found a plea for help from workers inside a card. Risk and insurance managers have become increasingly involved in…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…